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1、 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 1 2012 年 11 月 CIMA-F2 真题答案 1.(a)Pension plans(i)Defined Contribution Plan:JKL will record its contribution into the defined contribution plan(normally a fixed percentage of the payroll cost)within staff costs which is charged in arriving at profit for
2、 the year.Once this contribution is paid to the pension plan JKL has no further obligation in respect of the plan and therefore there is nothing to record in the statement of financial position.Defined Benefit Plan:The amounts to be recorded in JKLs profit for the year in respect of the defined bene
3、fit plan will be the current service cost,the interest cost on the unwinding of the plan liabilities and the expected return on the plan assets.These amounts will be provided by an actuary.The statement of financial position will show the year-end position that JKL has with the pension plan,either a
4、 net pension asset or liability.This will be calculated as the difference between the values of the pension plan assets and liabilities at the year-end date.Actuarial gains and losses arising in the period would be presented in other comprehensive income,in line with JKLs policy.(ii)Actuarial gain o
5、r loss 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 2 (b)Entity ABD In periods of high inflation the profit figure that is used to calculate interest cover may be inflated as sales at current prices have been matched with cost of sales at older,lower prices.As interest cover is calculated as prof
6、it before interest and tax divided by the finance costs the interest cover is likely to be higher due to the effects of inflation.The financial statements therefore are unlikely to be a useful tool in assessing the financial health of ABD as amounts will not necessarily be comparable with entities o
7、perating under different economic conditions.2.(a)Consolidated income statement for the AZ Group for the year ended 30 September 2012.财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 3 Working:(b)Goodwill calculations 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 4 3.Report on working capital and l
8、iquidity position of KL(Date)External funding must be secured immediately to fund working capital,as the quick ratio indicates KL is close to insolvency.This could be short term in nature as processes could be implemented to improve working capital going forward.The bank could be approached and a re
9、quest for an extension in the current facility or terms made to ensure that payments can be made to suppliers.Inventory days have increased by 51 days in the last 6 months,indicating potential management issues.It could be that excessive inventories have been ordered,either in error or in anticipati
10、on of a sales push or that a bulk order has been processed at the end of the year to take advantage of bulk buying discounts.Either way,given that we operate in the fashion wholesale sector there must be a considerable risk of inventory obsolescence.Conversely it could be that there is poor inventor
11、y control as a result of a lack of financial controller direction.Even if bulk discounts are available,given the liquidity position we find ourselves in,such a decision is not necessarily wise.Payable days have also increased by 58 days.This could be due to a large order at the year-end or more like
12、ly,could be the result of not being able to pay suppliers as quickly as required.The issue,however,is that suppliers are unlikely to be willing to wait an extra 2 months for their money and therefore could stop supply at any time,which would have a hugely detrimental impact on the business.Receivabl
13、es days have increased slightly and in a period of cash shortage this shows poor management control.Debt collection should be a priority and reducing receivable days to 60 days(based on the 6 months to 310 September 2012)would generate around$360,000(working ($1,100,000 (60 days/182.5 days x$2,250,0
14、00)of cash,which could be used to make an immediate payment to suppliers.Although the current ratio indicates that current assets can still cover current liabilities,财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 5 this may not be the case if there is a write-down of obsolete inventory.Furthermore
15、the quick ratio indicates that in its current state,KL is unable to cover its short term liabilities.Improvement in working capital processes will commence immediately and an approach should be made to the current provider of the short-term borrowings to secure the short term funding facility.Appendix 参与 CIMA 的考生可按照复习计划有效进行，另外高顿网校官网考试辅导高清课程已经开通，还可索取CIMA 考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。更多详情可登录高顿网校官网进行咨询。更多 CIMA 考试资讯，请关注官方微信公众号：gaoduncima